Community Health Systems (NYSE:CYH) Shares Gap Down on Disappointing Earnings

Shares of Community Health Systems, Inc. (NYSE:CYH - Get Free Report) gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $5.55, but opened at $4.89. Community Health Systems shares last traded at $4.35, with a volume of 2,036,668 shares changing hands.

The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.14). The firm had revenue of $3.09 billion for the quarter, compared to analysts' expectations of $3.08 billion. During the same quarter in the prior year, the business posted ($0.33) EPS. The firm's quarterly revenue was up .1% on a year-over-year basis.

Analyst Ratings Changes

Several brokerages recently weighed in on CYH. Oppenheimer increased their price target on shares of Community Health Systems from $4.50 to $5.00 and gave the stock an "outperform" rating in a report on Thursday, July 25th. Royal Bank of Canada reiterated an "outperform" rating and issued a $6.00 price target on shares of Community Health Systems in a report on Monday, August 12th. UBS Group increased their price target on shares of Community Health Systems from $4.70 to $5.10 and gave the stock a "neutral" rating in a report on Wednesday, August 14th. Truist Financial increased their price target on shares of Community Health Systems from $3.75 to $4.25 and gave the stock a "hold" rating in a report on Monday, July 15th. Finally, Wells Fargo & Company increased their price target on shares of Community Health Systems from $3.50 to $5.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 30th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $5.06.

Institutional Investors Weigh In On Community Health Systems

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of Community Health Systems by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 8,124,617 shares of the company's stock valued at $28,436,000 after buying an additional 28,669 shares in the last quarter. Whitebox Advisors LLC lifted its position in shares of Community Health Systems by 43.3% during the 2nd quarter. Whitebox Advisors LLC now owns 3,020,933 shares of the company's stock valued at $10,150,000 after buying an additional 913,542 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Community Health Systems by 2.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,748,786 shares of the company's stock valued at $5,875,000 after buying an additional 43,145 shares in the last quarter. First Eagle Investment Management LLC lifted its position in shares of Community Health Systems by 5.0% during the 1st quarter. First Eagle Investment Management LLC now owns 1,657,121 shares of the company's stock valued at $5,800,000 after buying an additional 79,000 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in shares of Community Health Systems by 6.0% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,616,212 shares of the company's stock valued at $9,810,000 after buying an additional 91,985 shares in the last quarter. Hedge funds and other institutional investors own 84.99% of the company's stock.

Community Health Systems Trading Down 23.4 %

The stock has a market cap of $590.61 million, a PE ratio of -4.71 and a beta of 1.55. The business has a 50-day moving average price of $5.55 and a 200-day moving average price of $4.34.

Community Health Systems Company Profile

Community Health Systems, Inc owns, leases, and operates general acute care hospitals in the United States. It offers general acute care, emergency room, general and specialty surgery, critical care, internal medicine, obstetrics, diagnostic, psychiatric, and rehabilitation services, as well as skilled nursing and home care services.